Not all companies post their jobs on Monster, Careerbuilder, Dice, etc. So, if your primary vehicle to search for a job is the job boards, you are only hitting 40-70% (depending on who you ask) of the potential jobs. And couple this with a slow down in job postings, that could be a lot of opportunity wasted.
So, whether the perceived decline in postings is because companies are hiring less or because more companies are taking a different route to hire, who knows. Bottom line is this...don't let summer lull you into thinking that no one is hiring. And please don't think you can slow down your search activity if you want to be in a new job. Remember those BLS statistics-it's taking the average seeker around 36 weeks of searching. If you are only spending 4 hours a week on your search, it may take you longer. Definitely make sure that you are keeping an eye on online postings, but also spend some time developing a strategy to network more in person and online. Find more recruiters. Do more to strengthen your skill set. And you never know-you just might be able to create your own opportunity. Good luck and happy hunting!